July 01, 2020
According to the research report titled ‘Global Primary Magnesium Market Size study with COVID-19 impact, by End-User (Aluminum Alloying, Casting, Nodular Iron, Chemical uses, Desulfurization of Steel and Metal Reduction) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global primary magnesium market is expected to register significant growth by the year 2026.
For those uninitiated, magnesium (Mg) is a sparking gray solid element with an atomic number of 12. It possesses similar physical resemblance to that of the alkaline earth metals.
Widespread usage of primary magnesium in various applications such as metal reduction, desulfurization of steel, chemical sues, nodular ion, casting and aluminum alloying is a major factor driving the market growth.
According to Statista, worldwide production of primary magnesium was 1050 thousand metric tons in the year 2017, which further increased to 1100 thousand metric tons in 2019. Thus, increasing production of primary magnesium is aiding the market expansion. However, absence of standardized regulations associated with production or utilization of primary magnesium may act as a restraining factor to the overall market growth.
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The report entails detailed overview of global primary magnesium market. It elaborates various aspects of the industry, while analyzing drivers and challenges influencing the growth over 2020-2026. The geographical landscape along with competitive hierarchy of the market space are comprehensively studied in the report.
Regionally, primary magnesium market in North America is predicted to witness considerable growth in the forthcoming years, majorly driven by increasing utilization of the product across various industry verticals.
On the other hand, Asia-Pacific primary magnesium industry is expected to showcase robust growth during the forecast period. Increasing mining activities are fostering the demand for primary magnesium in Asia-Pacific, which in turn is complementing the business outlook.
Elaborating on the competitive scenario, major stakeholders in primary magnesium market are Nanjing Yunhai Special Metals Co. Ltd., Yinguang Group, Taiyuan Yiwei Magnesium Industry Co. Ltd., Shanghai Regal Metal Co. Ltd., Dead Sea Magnesium Ltd., Ding He Mining Holdings Ltd., RIMA Group SRL, Magnesium Elektron Ltd. and US Magnesium LLC among others.